HOW BLOCKCHAIN CAN TRANSFORM MANUFACTURING
Blockchain, the exciting new digital ledger technology that can be used to store and record transactions and enable smart contracts, has the potential to transform the process of manufacturing. The World Economic Forum counts Blockchain among the key emerging technologies alongside IOT (Internet of Things) and AI (Artificial Intelligence) that are enabling industrial revolution 4.0.
Blockchain has many potential applications in manufacturing, for example, it can be used by manufacturers to mitigate the risks of counterfeiting, ensure transparency and compliance across the parts supply chain, protect IP and help advance additive manufacturing. Tech companies such as IBM and Wipro have introduced several Blockchain-based offerings for manufacturers. Wipro’s Blockchain offerings for manufacturers include applications such as anti-counterfeiting, airworthiness certificate tracking, supply chain visibility and 3D printing. IBM has proposed the application of Blockchain in the production parts approval process (PPAP).
IBM’s Blockchain Leader, India and South Asia, Mr Jitan S Chandanani shared with DMI how Blockchain can help manufacturers achieve huge gains in cost and efficiency, become more competitive and move toward industry 4.0.
“New revenue is the real story”
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